Are you nearing the point where you know you are going to have to start paying on your student loans? Do you know what all your options are and what to expect? There are many things you can do and one of them is to consolidate federal student loans. Here are all the options you need to consider when repayment rolls around.
First, if you are unable to pay on your loans right away, then you can use what is called a deferment for up to 2 years. This is the same as the 6 month period you get after you finish school before you have to pay. All you are doing is extending this period while you look for a job or work on getting your finances in order so that you can repay your loans.
Second, you can also consolidate federal student loans which will give you one payment each month instead of many payments to manage. This is basically a way of combining all of your loans into one to give you one payment, one interest rate, and one company to deal with. You do want to make sure you will still have all the options you already have with your loans now and a comparable interest rate.
Last, even after you consolidate federal student loans you can use what is called a forbearance for 6 months in order to pause your loan payments while you are struggling financially. This is usually used for periods of unemployment or financial hardship. You can do this as much as you have to and they do it in 6 month increments.
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